Harbor Insurance Group
Sep 28, 2012
What is the Difference Between Whole Life and Term Insurance?
When people think of life insurance, they often don’t realize that there are two different options available for people when they are selecting a policy. While the specifics of the policy will vary from provider to provider, the fact of the matter is that there are two distinct options, both with their own benefits.
Whole life policies are usually what people think of when considering getting coverage. When you secure one of these policies, you will be contractually assured that the policy will be active for as long as you are alive, and that the benefits will be paid out promptly when the right conditions are met.
Whole life policies tend to have higher premiums, but you do get the peace of mind in knowing that you will be covered no matter what. For those who are committed to it, this is a great option to have.
Term life insurance is the other option which is going to be available via most providers. Term life insurance is unique in that you will be paying for the coverage of life insurance for a set time. The benefits expire once the term does (usually after a few decades).
Term is a great option or those who are looking to save, due to lower premiums as a whole. It is also worth noting that term can often be upgraded into whole life, making it quite flexible.
No matter what your preference is, please make sure that you are covered! It is worth it in every way.
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